Market summary pptx 12.6.2014


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Market summary pptx 12.6.2014

  1. 1. India-GlobalMarketSummary 12-6-2014 • Market edged higher in what was a volatile session of trade. The market breadth indicating the overall health of the market was positive. Sensex was up 0.4% to 25,576.21 and Nifty was up 0.3% to 7,649.90, its highest closing level since 10 June 2014. In the foreign exchange market, the rupee edged higher against the dollar. • Monsoon rains were nearly half below average level in the week to 11 June 2014, reflecting the late onset of the annual rains over the southern Kerala coast. Annual rains are important for India as most of its farmlands are dependent on rain for irrigation and more than half of its workforce is employed in agriculture. • In his reply on motion of thanks on President's address in Lok Sabha, Prime Minister Narendra Modi on Wednesday, 11 June 2014, said his promise to reduce inflation is not an empty slogan but a resolve. Just like the way Mahatma Gandhi had turned India's freedom struggle into a mass movement, India needs to make the quest for good governance a mass movement, the Prime Minister said. He urged all elected members of parliament (MPs) to resolve to ensure that every family in India has a house, with basic amenities of water, power and sanitation, on India's 75th anniversary of independence in 2022. The Prime Minister said a way would be found to achieve this, and he would seek the help and cooperation of all senior leaders in this endeavour. • The government is due to release industrial production data for April 2014 after trading hours today, 12 June 2014. Industrial production shrank for a second straight month in March 2014. Industrial production declined 0.5% in March 2014, compared with a contraction of 1.8% in February 2014.
  2. 2. • The government is due to release CPI inflation for May 2014 after trading hours today, 12 June 2014. CPI inflation accelerated to 8.59% (provisional) in April 2014, from 8.31% (final) in March 2014. Core CPI which excludes food and energy prices eased to 7.8% in April 2014, from 7.81% in March 2014. • Pharma stocks extended recent gains. PSU OMCs reversed initial gains as crude prices rose. Auto stocks edged higher. Tata Motors rose in volatile trade after its British luxury car unit Jaguar Land Rover on Wednesday, 11 June 2014, reported strong growth in retail sales for May 2014. Bharti Airtel dropped after a foreign brokerage downgraded the stock to "underperform" from "neutral" and reduced the target price, citing competition from rival Reliance Jio Infocomm, a unit of Reliance Industries (RIL). Realty stocks edged higher after Wednesday's slide. Metal and mining stocks also gained. Bharti Airtel drops after foreign brokerage downgrade • Hindalco Industries jumped 3.7% after its US unit Novelis Inc. on announced the commissioning of its aluminium recycling and casting center at Nachterstedt, Germany. Located adjacent to the company's existing aluminium rolling mill, the new plant will produce up to 400,000 metric tons of aluminium sheet ingot from recycled material annually, and is projected to be the world's largest aluminium recycling center, Novelis said. • Infosys slipped after the company announced the selection of Dr. Vishal Sikka as the Chief Executive Officer and Managing Director (CEO & MD) of the company. • The board has also elevated Mr. U.B. Pravin Rao, President and whole-time director, as Chief Operating Officer, with effect from 14 June 2014. • Infosys also said that Mr. N.R. Narayana Murthy will voluntarily step down as Executive Chairman of the company on 14 June 2014. Mr. S. Gopalakrishnan will voluntarily step down as Executive Vice Chairman on 14 June 2014. Mr. S. D. Shibulal will step down as CEO & MD and from the board on 31 July 2014.
  3. 3. • Jammu & Kashmir Bank (J&K) rose 0.46% after the bank's board approved a 10-for-1 stock split proposal. • Bank of Baroda fell 1.91% as the stock turned ex-dividend today, 12 June 2014, for final dividend of Rs 10.50 per share for the year ended 31 March 2014 (FY 2014). • Bajaj Finance edged higher in choppy trade after the company said that an early detection and quick investigation of a fraud by few senior employees of the company's mortgage business has resulted in the incidence having no material financial loss for the company. • Bharti Airtel lost 3.98% after a foreign investment bank downgraded the stock to "underperform" from "neutral" and reduced the target price to Rs 265 from Rs 275, citing competition from rival Reliance Jio Infocomm, a unit of Reliance Industries (RIL). • NHPC rose 2.5% The company said that 14.73 kilometers Head Race Tunneling of Kishanganga HE Project through TBM has been successfully completed on 10 June 2014. • UltraTech Cement fell 0.31% after the company said that the scheme between Jaypee Cement Corporation (JCCL) and the company and its respective shareholders and creditors, for the acquisition of the cement unit of JCCL in Gujarat, comprising of an integrated cement unit at Sewagram and grinding unit at Wanakbori has been approved by the High Court at Bombay and the High Court of Allahabad. • Jubilant Life Sciences rose 2.55% after the company announced a price-increase of 9% for Niacinamide, with immediate effect, for non-contract customers and wherever existing contracts permit. • Wipro rose 0.32% after the company said it has been selected by Outokumpu as its Global Prime Partner for applications maintenance and development of legacy applications across ten countries. • Idea Cellular said that the Securities Allotment Committee of the company has issued and allotted 22.38 crore shares to eligible QIBs at a price of Rs 134 per share, including a premium of Rs 124 per share • Asian Paints said that the company on 11 June 2014 has completed the acquisition of Ess Ess Bathroom Products (Ess Ess) and its promoters' entire front and sales business including brands, network and sales infrastructure. • ACC informed that the Board of Directors of the company has appointed Mr. Harish Badami as Chief Executive Officer & Managing Director (Designate) from 1 August 2014 • KEC International rose 0.81% after the company said it has secured new orders aggregating Rs 1209 crore in its transmission & distribution and cables businesses.
  4. 4. Global news • European stocks edged higher on Thursday, 12 June 2014, as investors awaited data on US retail sales and jobless claims to gauge the health of the world's largest economy. Asian shares slipped on Thursday, 12 June 2014, after US stocks stepped back from record levels on Wednesday while civil war in Iraq supported oil prices. Trading in US index futures indicated a flat opening of US stocks on on Thursday, 12 June 2014. US stocks fell on Wednesday, with the Dow Jones Industrial Average breaking a four-day string of record closing highs, following the World Bank's reduction of its global growth forecast. • French consumer prices were unchanged in May from April and rose only 0.7% on the year, statistics agency Insee said Thursday. A fall in energy and manufactured goods prices offset rising food prices, Insee said. • Japanese machinery orders fell in April from the previous month. Core machinery orders fell 9.1% in April from a month ago, the Cabinet Office said Thursday. • South Korea's central bank Thursday kept its benchmark interest rate steady at 2.5%. The bank last moved the rate in May 2013 with a quarter-percentage-point cut. • Adding to the sour tone, the defeat in a primary election of House Majority Leader Eric Cantor, a Republican, further dampened expectations of Washington passing any significant legislation before the November elections. • The US posted a $130 billion budget deficit in May and the smallest shortfall for the first eight months of a fiscal year since 2008, as a stronger economy and rising employment bolster revenue. The deficit last month was about $9 billion less than the $139 billion shortfall in May 2013, the Treasury Department said in Washington
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